These days Indian market is not immune to the world economic order and one need to keenly watch crucial dat crunching numbers and a few datas which hold key to the likely direction of Nifty in coming days is as appended below:
(a) On the data front, third-quarter euro-zone GDP is due on Friday along with euro-zone industrial-production data.
(b) In domestic data, the wholesale price index for October will be announced on Monday, November 15, 2010.
(c) In global data next week, the market will keep a close watch on US retail sales, housing statistics and jobless claims data.
(d) For the coming week, there may be some pressure on the markets.
Nifty is likely to enjoy support at levels of 6000 followed by 5930 and resistances will be observed at 6220 and 6310 levels. The reasons for last week sell off were caused due to sell-off caused by foreign and domestic investors on rate hike fears in China, payment default by the Dubai group and disappointing industrial production data which shook the markets. Moreover industrial output in September 2010 rose at a much slower-than-expected rate of 4.4% from 8.2% a year ago. Always remember that thing which goes up has to come down as per law of gravity and still Nifty long term target of 7500 is intact. Moment Reliance gets cracking towards upside i.e. moves beyond 1150 convincingly, than it will take Nifty to the levels of 6800 and thereafter to 7500 levels. These days stock specific action is taking place and thus make use of sureshot single trading call and make money making a daily habit in share market. Do remember to check out nifty future prediction
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